TVS Motor Company has announced the appointment of global automotive industry icon Ralf Speth as non-executive and non-independent director. He is set to be the company’s chairman by January 2023 and will succeed Venu Srinivasan, who will become the chairman emeritus by then.
On Wednesday, the board inducted Kuok Meng Xiong, scion of the Kuok Group, as a non-executive independent director, and accepted the resignation of director Rajesh Narasimhan, TVS Motor in a statement.
Mr. Speth is widely acclaimed for his leadership at Jaguar Land Rover (JLR) and for transforming it into the global marquee brand.
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He continues to serve on its board as vice-chairman, besides being on the board of Tata Sons.
The board of TVS Motor announced a second interim dividend for FY21 at the rate of ₹1.40 per share, absorbing a sum of ₹66.51 crore, while Sundaram Clayton announced ₹11 per share, absorbing a sum of ₹22.26 crore.